Equities to open lower on weak global cues

Equities may open lower on Friday tracking the weakness in global markets. However, the market is likely to recover lost ground as the day progresses on easing inflation concerns on the domestic front. Declining crude oil prices may also offer some solace.

Intraday, pivot in the Nifty is at 4460 points while resistance in rallies is at 4506 and 4540 points. Immediate support is at 4425 points; if it breaks decisively a test of 4405-4385-4353 points is likely. As long as 4335 holds in dips, the bulls need not worry but the bears are on a hunt to hit back. Be careful

Wall Street had its worst day in more than two months on Thursday, as more signs of weakness in the US labour market and increasingly sluggish growth overseas fueled a sell-off.

The Dow Jones Industrial Average fell 345.30 points, or 2.99 per cent, at 11,187.58, the Standard & Poor's 500 Index sank 38.15 points, or 2.99 per cent, at 1,236.83 and then Nasdaq Composite Index was down 74.69 points, or 3.20 per cent, at 2,259.04.